Press Release
33East, a Cyprus-focused venture capital firm, is officially launching its debut fund with an event bringing together founders, investors, and key ecosystem leaders who share the vision of transforming Cyprus into a hive for innovation and entrepreneurship.
In collaboration with the Bank of Cyprus, the launch event marks a milestone in Cyprus' startup ecosystem. Senior representatives from the European Investment Bank (EIB) and European Investment Fund (EIF), the Government of Cyprus, and leaders from the science, business, and startup communities have gathered at Nicosia Municipality Town Hall to celebrate the fund’s launch.
The EIF-backed fund, which completed its first closing at €26 million, aims to support pre-seed and seed-stage startups with a connection to Cyprus, offering the capital, support, and connections they need to build scalable businesses.
“The EIF is proud to support the launch of 33East, a fund that will play a pivotal role in strengthening Cyprus’ startup ecosystem. By equipping ambitious entrepreneurs with the resources they need to scale, 33East will drive innovation, foster economic growth, and enhance the country’s position in the venture capital landscape. We look forward to seeing its lasting impact on Cyprus' evolving entrepreneurial scene,” said Kyriacos Kakouris, Vice-President of the ΕΙΒ.
“We are excited to celebrate, together with the fund manager, the beginning of the 33East Fund investment period, a milestone successfully achieved through difficult fundraising times that also marks the start of a new era for the venture capital ecosystem in Cyprus. We look forward to the fund's first investments in Cyprus's ambitious entrepreneurs, whose innovative ideas will transcend the local market and make a global impact,” said Marjut Falkstedt, Chief Executive at the EIF.
33East is the first venture capital fund in Cyprus to receive investment from the EIF, backed by the Government of Cyprus and the National Recovery and Resilience Fund (RRF). The Bank of Cyprus is the founding investor alongside other private and institutional investors. The fund will invest in startups at the pre-seed and seed stages, with initial investments ranging from €500,000 to €1 million per company. Additionally, €2.5 million has been allocated to an acceleration compartment to support entrepreneurs at the earliest stages of their journey.
Emphasising the government’s commitment to innovation, Andreas Zachariades, Permanent Secretary of the Ministry of Finance, stated: “The establishment of 33East is a critical step in promoting an innovation-driven economy. Our support underscores the importance of innovation towards enhancing competitiveness and achieving a long term sustainable economy for Cyprus and strengthens the country’s position in the global startup ecosystem.”
Eliza Livadiotou, Executive Director Finance at the Bank of Cyprus, reinforced the Bank’s support for the initiative, stating: “Our participation in the 33East Investment Fund is a testament of our Bank’s commitment to support the broader economy of our country, transitioning Cyprus into a dynamic hub of innovation and business, while at the same time enhancing the country’s visibility globally.’’
Hosting the event at Nicosia Municipality Town Hall underscores the city’s ambition to become a central hive for startups and entrepreneurial activity. The Mayor of Nicosia, Charalambos Prountzos emphasised the city’s role in fostering innovation, saying: “Nicosia is committed to fostering innovation and creating an environment where startups can thrive. By bringing founders into the heart of the city, we aim to build a community that drives entrepreneurship and collaboration.”
33East is led by co-founders Demetrios Zoppos and Yiannis Eftychiou, who bring deep operational expertise and experience scaling high-growth startups worldwide.
Demetrios Zoppos says: “At 33East, our mission is to back ambitious founders with the capital, support, and connections they need to scale globally. Our contribution goes beyond investment to supporting a thriving ecosystem where startups can succeed.”
Yiannis Eftychiou says: “We’re proud to see the incredible turnout at our launch event today which demonstrates the depth of support from those in the ecosystem who share our vision for Cyprus as a hive of entrepreneurship and innovation.”
33East invites founders who are interested in applying to the fund or having a conversation about their startup journey to contact the team through their website. To follow the fund and for updates on future events, sign up for the mailing list on 33East’s website.
